Default by the Developer. Subject to the Force Majeure Events, the Developer shall be considered under a condition of default, if it fails to deliver on any of the following milestones:
15.8.1 Developer delays the construction and misses two consecutive construction linked milestones and their associated time lines as provided in the Payment Schedule; or
15.8.2 Developer changes the Building Plan substantially without the prior written consent of majority of the Allottees; or
15.8.3 Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the Apartment shall be in a habitable condition which is complete in all respects.
(i) Stop making any more payments to Developer. If the Allottee stops making payments, the Developer shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or
(ii) The Allottee shall have the option of terminating the Agreement for Sale/Allotment by giving 60 (sixty) days notice to the Developer; in which case the Developer shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the Apartment, along with simple interest @ 12% (twelve per cent) per annum within 45 (forty five) days from the expiry of the 60 (sixty ) days notice period by the Allottee; or
(iii) Where the Developer fails to provide ready to move in possession of the Apartment to the Allottee within the time period specified and the Allottee does not exercise termination option, the Developer shall pay to the Allottee simple interest @ 10% (ten per cent) per annum for the period commencing on and from the day immediately following the expiry upto 30.06.2021 actual handing over of possession of the Apartment to the Allottee. Such interest shall be paid within 30 (thirty) days from the date possession is so handed over to the Allottee.
Default by the Developer. 1. In the event that the City claims that the Developer is in default in the observance and/or performance of any terms, covenant or condition of this Agreement (other than the terms, covenants and conditions of Article VI hereof), the City shall give the Developer written notice of such claimed default with such notice requiring the Developer to rectify the same within a thirty (30) day period from the date of the written notice.
2. If the Developer denies that it is in default as claimed in such notice, the Developer shall immediately request a reference to arbitration pursuant to the provisions of Article XVII hereof. If the Arbitrator confirms the claimed default, the Developer shall, notwithstanding the provisions of subparagraph 1 hereof, have a period of thirty (30) days from the receipt of the ruling of the Arbitrator within which to rectify such default. If the said default is not rectified the City may complete and rectify such default in the work and shall be entitled to invoice the Developer under the provisions of Article VIII hereof and make demands as obligee on the security. Time shall be of the essence hereof.
3 a. In the event that the City claims that the Developer is in default in the observance and performance of the terms, covenants and conditions of Article VI of this Agreement, the City shall give the Developer notice in writing of such claimed default, and shall by such notice either require the Developer to rectify such default with five (5) days of the receipt of such notice or notify the Developer that the City intends to rectify such default at the Developer's cost and expense.
Default by the Developer. In the event of default by the Developer hereunder, the District shall have the right to pursue all legal or equitable remedies and to recover from the Developer all expenses incurred in pursuing its legal rights hereunder, including reasonable attorneys' fees.
Default by the Developer. 17.01 If the Developer should default under any provision of this Agreement, the Municipality shall give the Developer notice of the particulars of such default.
17.02 If within fourteen (14) days after the giving of such notice, the Developer fails to rectify such default as contained in the notice, to the satisfaction of the Municipality, then the Municipality shall be entitled to draw upon the performance security provided by the Developer and itself remedy the default in whole or in part and recover from the Developer any costs thereof in excess of that performance security or to specific performance to rectify such breach or default, or alternatively shall be entitled to seek an injunction to restrain such breach, or to enforce any term or condition of this Agreement or shall be entitled to seek a declaration terminating this Agreement for non-performance, or any and all such remedies, (which remedies are hereby acknowledged as being cumulative and not alternative), provided further that if the Agreement is so terminated, by virtue of the Developer's default, the parties hereto agree that the Municipality shall not be liable for any loss or damage that may be suffered by the Developer as a result of such termination, and the parties hereto further covenant and agree that the Municipality in any such event, shall not be liable for any loss or damage suffered by any other person, firm or corporation by virtue of such termination, and the Developer does hereby for itself and its successors and assigns indemnify and save harmless the Municipality, and its successors and assigns, from any claim or demand from any person, firm or corporation which may suffer loss or damage by reason of the termination of this Agreement because of the Developer's failure or default as aforesaid.
Default by the Developer. There shall be an "event of default" by the Developer upon the occurrence of anyone or 25 more of the following after the Effective Date:
Default by the Developer. 20.1 In the event that the County claims that the Developer is in default in the observance and performance of any of the terms, covenants or conditions of this Agreement, the County may give the Developer THIRTY (30) days’ notice in writing of such claimed default and requiring the Developer to rectify same within the said period of THIRTY (30) days.
20.2 If the Developer denies that it is in default as claimed in such notice, the Developer shall within TEN (10) days of receipt of such notice request a reference to arbitration pursuant to the provisions of Section 21 hereof. If the Arbitrator confirms the claimed default, the Developer shall, notwithstanding the provisions of paragraph 20.1, have a period of THIRTY (30) days from the receipt of the arbitration ruling within which to rectify such default.
20.3 The Developer agrees that in the event that the County has given the
20.4 In the event that the Developer has failed to rectify such default within the period of THIRTY (30) days from the receipt of the notice of default provided by the County pursuant to paragraph 20.1 and no arbitration been requested by the Developer or from confirmation of the default by the Arbitrator pursuant to paragraph 20.2, the County may, but shall not be obligated to, undertake any work it considers necessary in order to remedy such default and any costs or liability incurred by the County in respect thereof shall be at the Developer’s sole cost and expense. The Developer shall pay such costs to the County within THIRTY (30) days of receiving demand for payment from the County.
20.5 Notwithstanding anything to the contrary herein, in the event that the County, in its discretion, considers it necessary to undertake any immediate work in connection with the construction, installation or repair of the Municipal Improvements in a situation which the County considers to be an emergency, the County shall immediately notify the Developer of such situation and shall be entitled to then cause such work to be done; PROVIDED, that upon completion of said emergency work, the County shall give notice in writing to the Developer if the County claims that such repair work was made necessary by reason of a default on the part of the Developer in the observance or performance of the terms, covenants and conditions of this Agreement, and if the Developer denies the claimed default, it shall within TEN (10) days request a reference to arbitration pursuant to the provisions of Section 21 her...
Default by the Developer. A default by Developer shall exist after notice and hearing and an opportunity to cure as hereinafter provided if (a) Developer fails to cure any noncompliance specified in any written notice of noncompliance within a reasonable time after receipt of the notice of noncompliance; and (b) Developer otherwise breaches or fails to comply with any obligation of Developer under this Agreement. Notice of Default as to SIP improvements must be given prior to expiration of the warranty period for such phase of the SIP improvements as hereinafter provided.
Default by the Developer. A default by Developer shall exist if (a) Developer fails to construct the DP Improvements in substantial compliance with the CDs and the other requirements of this Agreement; (b) Developer otherwise breaches or fails to comply with any obligation of Developer under this Agreement; or (c) Developer fails to maintain in full force and effect the Performance Security, if applicable, in the amounts specified in this Agreement or, upon issuance of a TCO, fails to complete work on outstanding DP Improvements within the six month time period established in Section 3.2. as may be extended.
Default by the Developer. (a) On or after the Closing Date through and including the Satisfaction Date, there shall be an “event of default” by Developer under this Agreement upon the occurrence of any one or more of the following:
(1) Developer shall fail to perform or comply with any material provision of this Agreement applicable to it within the time prescribed therefor and such failure is likely to have a material adverse effect on the Developer; or
(2) Developer shall make a general assignment for the benefit of its creditors, or shall admit in writing its inability to pay its debts as they become due or shall file a petition in bankruptcy, or shall be adjudicated a bankrupt or insolvent, or shall file a petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation or shall file an answer admitting, or shall fail reasonably to contest, the material allegations of a petition filed against it in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Developer of any material part of such entity’s properties; or
(3) Within ninety (90) days after the commencement of any proceeding by or against Developer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed or otherwise terminated, or, if within ninety (90) days after the appointment without the consent or acquiescence of Developer of any trustee, receiver or liquidator of any of such entities or of any material part of any of such entity’s properties, then such appointment shall not have been vacated; or
(4) Developer shall fail to comply with the material terms of the Regulatory Agreement.
(1) If an event of default by Developer described in subsection (a) above shall occur, the Agency shall provide written notice thereof to Developer, and,
(i) if such event of default shall not be cured by Developer within ninety (90) days after receipt of the written notice from the Agency specifying in reasonable detail the event of default by Developer; or
(ii) if such event of default is of such nature that it cannot be completely cured within such time period, then if Developer shall not have commenced to cure such default within such time period and shall not continue to diligently prosecute such cure to...
Default by the Developer. 13.1 In the event that the Municipality claims that the Developer is in default in the observance and performance of any of the terms, covenants or conditions of this Agreement, the Municipality may give the Developer Thirty (30) days’ notice in writing of such claimed default and requiring the Developer to rectify same within the said period of Thirty (30) days.
13.2 If the Developer denies that it is in default as claimed in such notice, the Developer shall within Ten (10) days of receipt of such notice request a reference to arbitration pursuant to the provisions of Section 14 hereof. If the Arbitrator confirms the claimed default, the Developer shall, notwithstanding the provisions of Section 13.1, have a period of Thirty
